Bank of India opens Antwerp branch

Antwerp, Belgium—Representing a boost to the Antwerp diamond district's financial sector, the Bank of India officially opened its newest branch here.

The bank, which was established in 1906 in Mumbai by a group of businessmen, was nationalized in 1969. It has grown to 2,644 branches across India and to 24 branches in worldwide locations including Hong Kong, London, New York, Paris, Tokyo and Singapore. The new Antwerp branch will focus on providing services to the diamond industry.

"In the diamond business, the financing of transactions is more important than it is in any other sector," Antwerp World Diamond Centre Chief Executive Officer Freddy Hanard said in a statement. "The addition of specialized diamond banks provides a very positive impetus to Antwerp, as it does to the banks, especially if you consider the risks involved. The Bank of India's arrival in our city provides evidence of the confidence felt in our diamond sector and, in particular, in the way it is regulated and maintained. This sense of confidence and trust is essential to diamantaires."

The banks arrival is important to Antwerp, which saw Belgian-headquartered Dexia Bank leave the diamond scene last year. Now there are three Indian banks in Antwerp, with ICICI and the Bank of India joining the State Bank of India. ABN Amro and the Antwerp Diamond Bank represent the diamond sector's two largest financial service providers, while Bank J. Van Breda and Co. is also beginning to work with diamond-industry clients.